Mr. Esteves's bank, Banco BTG Pactual SA (BBTG11.BR), will provide loans and management advice to Mr. Batista's EBX group, which has been in turmoil since June 2012, when the group's oil unit, OGX Petroleo e Gas Participacoes SA (OGXP3.BR), reported weak production figures for its first oil wells.

That prompted questions about the ability of other companies in the EBX group to meet production targets. Mr. Batista's interests, almost all of them start-ups, have raised billions of dollars in recent years to invest in activities such as mining, ports, shipbuilding and electricity.

The billionaire executive has taken a number of steps to try to shore up confidence in his companies, including reshuffling a number of senior managers across the group.

Nonetheless, doubts about the group's ability to bring in expected revenues may have made it more difficult for the EBX group to attract fresh capital.

A person familiar with the situation has previously told Dow Jones Newswires that Mr. Batista is negotiating the sale of a controlling stake in his electric power utility, MPX Energia (MPXE3.BR, MPXEY), to Germany's E.ON (EOAN.XE, EONGY) and a group of other investors. E.ON already has a 11.7% stake in MPX.

The mega-investor is also offering to buy back stock in his Colombian coal-mining unit CCX Carvao da Colombia SA (CCXC3.BR) amid the need for a strategic overhaul as global coal prices deteriorate.

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